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GM to all of you nutcases. It’s Crypto Nutshell #613 glidin’ past… 🐠🥜

We're the crypto newsletter that's more hilarious than a panda mastering kung fu to save the valley... 🐼🥋

What we’ve cooked up for you today…

• 👎️ Arizona vetoes

• 🧠 Ahead of smart money

• 💪 HODL mode

• 💰 And more…

What’s in the Crypto Nutshell Portfolio?

ARIZONA VETOES 👎️

BREAKING: Arizona governor vetoes bitcoin reserve bill, calling crypto 'untested investment'

Arizona came this close to becoming the first U.S. state to hold Bitcoin in its reserves…

But on May 2, Governor Katie Hobbs vetoed SB1025, the Arizona Strategic Bitcoin Reserve Act.

This bill would’ve allowed the state to allocate up to 10% of public retirement funds into Bitcoin and digital assets.

Her reasoning?

Hobbs called Arizona’s retirement system one of the strongest in the nation — and not the place to take risks on crypto.

But Bitcoin advocates weren’t having it.

State Senator Wendy Rogers, who co-sponsored the bill, fired back:

Rogers even pointed out that Arizona already holds shares in MicroStrategy — giving it indirect Bitcoin exposure anyway.

Meanwhile, the broader crypto community lit up social media:

• Jameson Lopp: “This will age poorly.”

• Anthony Pompliano: “Imagine the ignorance of a politician to believe they can make investment decisions.”

• Andrew Gordon: “We need more elected officials who understand that Bitcoin and crypto are the future.”

Despite passing both chambers with Republican support, Hobbs’ veto puts Arizona among at least six states that have rejected Bitcoin reserve bills.

But with nearly 20 other states still in the game, this battle is far from over. 😎

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AHEAD OF SMART MONEY 🧠

Michael Saylor just dropped a table that says it all:

The smart money still doesn’t get it.

In a recent tweet, Saylor exposed how much 'smart money' is still locked out of Bitcoin.

Only 5 Out of 25

Out of the top 25 U.S. wealth platforms, only 5 offer clients unrestricted access to Bitcoin ETFs:

• Charles Schwab

• Fidelity

• Wells Fargo

• Mariner

• Fisher Investments

The rest?

• 16 platforms still restrict it

• 4 outright ban it

That means 80% of America’s top advisors still can’t — or won’t — give their clients open access to Bitcoin.

$50 Trillion, Mostly Sidelined

These 25 firms manage a combined $50.4 trillion.

Yet:

• $31.2T is prohibited or restricted from touching Bitcoin

• Only $19.1T is fully free to buy

So if you think you’re late to Bitcoin, you’re really not.

It’s still being gatekept.

The Window is Still Open

Saylor’s playbook is clear:

Buy before the institutions wake up.
Buy before the advisors give permission.
Buy before it hits $10 million.

Because once everyone’s allowed in?

There won’t be room.

We’re still early. 🫡

HODL MODE 💪

Let’s kick off the week with a look at the Bitcoin HODL Waves - one of the clearest snapshots of market conviction.

Each coloured band represents the percentage of Bitcoin that last moved within a specific time frame.

The cooler the colour, the older the coins - with purple showing Bitcoin that hasn’t moved in 10+ years.

As always, we’re focusing on long-term holders (LTHs) - defined as coins held for more than six months.

Here’s how the Bitcoin supply breakdown looks today compared to two weeks ago:

• 6m - 12m: 9.68% (down from 9.71%)

• 1y - 2y: 11.65% (down from 11.72%)

• 2y - 3y: 7.89% (down from 8.29%)

• 3y - 4y: 7.76% (down from 8.02%)

• 4y - 5y: 8.21% (up from 7.82%)

• 5y - 10y: 14.82% (up from 14.81%)

• >10y: 9.24% (up from 9.23%)

TL;DR: 69.25% of all Bitcoin hasn’t moved in over six months. 🔒

But that’s also a 0.35% decrease since our last check-in.

Key takeaways:

• The "younger" long-term holders (6m–4y) saw modest declines, down a combined 0.76%

• Meanwhile, older cohorts (4y+) saw slight increases across the board

Since mid-March, the long-term holder supply has remained relatively stable.

And during price rallies, it’s normal for younger LTHs to take small profits — without signalling weakness in overall conviction.

Still firmly in HODL mode. 💪

CRACKING CRYPTO 🥜

Vitalik Buterin wants to make Ethereum ‘as simple as Bitcoin’ by 2030. Buterin believes that simplifying Ethereum by reducing the consensus-critical code will lead to the blockchain’s resilience.

Bitcoiners blast Arizona governor’s ‘ignorance’ after Bitcoin bill veto. Arizona state senator and Bitcoin advocate Wendy Rogers said, “Bitcoin doesn’t need Arizona, Arizona needs Bitcoin."

Bitcoin Traders’ Favorite Lottery Ticket for the First Half of the Year — The $300K BTC Call. "There are always folks that want the hyperinflation hedge," one observer said.

Ivy League school Brown University reveals $5 million investment in BlackRock's spot Bitcoin ETF. This makes it the third academic institution to gain exposure to bitcoin via an exchange-traded fund.

WHAT WE’RE READING 📚

Want to get even smarter? Check these out.

p.s. all completely FREE (one click subscribe link)

• Raremints (link) - Daily crypto news

• Bitcoin Breakdown (link) - Daily Bitcoin news

• Techpresso (link) - Daily tech news and insights

• The Hustle (link) - Get Smarter on Business and Tech

• Your Next Breakthrough (link) - Personal growth with Mark Manson

• The Neuron (link) - AI trends and tools to keep you ahead

CAN YOU CRACK THIS NUT? ✍️

Select your answer below and you’ll be redirected to the results page. (answer explanation can be found after “Meme Corner”)

MEME CORNER 😂

Because what would the crypto world be without its share of memes?

Trivia Answer: Kim Kardashian 🥳

Kim Kardashian was fined $1.26 million for promoting EthereumMax on Instagram — without telling followers she was paid. 💸📉

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HOW DID WE DO? 🤷

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NUTCASE REVIEW OF THE DAY 🔍

DISCLAIMER: The content of this newsletter is not financial advice. This newsletter is strictly educational and is not investment advice. Please be careful and do your own research.